{"id":336043,"date":"2023-08-16T20:00:10","date_gmt":"2023-08-16T14:30:10","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=336043"},"modified":"2023-08-16T15:36:51","modified_gmt":"2023-08-16T10:06:51","slug":"binance-to-shut-down-this-service-as-bnb-short-positions-increase","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/binance-to-shut-down-this-service-as-bnb-short-positions-increase\/","title":{"rendered":"Binance to shut down this service as BNB short positions increase"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Binance Connect seems to have outlived its usefulness, as its shutdown is imminent.<\/span><\/em><\/li>\n<li><em><span style=\"font-weight: 400;\">BNB has continued its downtrend as the negative funding rate increases.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Binance is said to be discontinuing a service aimed at bridging the gap between traditional financial institutions and cryptocurrencies. Considering the apparent lack of success with this endeavor, could the attractiveness of BNB diminish, given its current path?<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here&#8217;s <a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\">BNB market cap in BTC&#8217;s<\/a> terms<\/p>\n<hr \/>\n<h4><b>Binance connect to shutdown<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Recent reports have indicated that Binance Connect is on the brink of being shut down. According to a statement from <a href=\"https:\/\/twitter.com\/Biswap_Dex\/status\/1691358029914996736?t=PPckLj3rkLHyMRpFR4_NTA&amp;s=19\" target=\"_blank\" rel=\"noopener\">Biswap<\/a>, the closure was attributed to <a href=\"http:\/\/ambcrypto.com\/binance-backs-ailing-curve-finance-all-you-need-to-know\/\" target=\"_blank\" rel=\"noopener\">Binance&#8217;s<\/a> decision to prioritize its core operations. Although Biswap&#8217;s post indicated a shutdown date of 15 August, as of this writing, the <a href=\"https:\/\/www.binancecnt.com\/en\/buy-sell-crypto\" target=\"_blank\" rel=\"noopener\">website remained operational<\/a>.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Binance Connect was introduced in 2022 to facilitate cryptocurrency payments for merchants. The platform offered support for 50 cryptocurrencies and major payment methods like Visa and Mastercard.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Furthermore, Binance Connect was intended to serve as the exchange&#8217;s solution for NFT checkouts, allowing users to purchase non-fungible tokens using various payment methods. However, the envisioned NFT checkout feature never came to fruition.<\/span><\/p>\n<h4><b>Binance Coin continues to take a hit<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">As news of the impending shutdown emerged, a closer examination of the ecosystem&#8217;s native token became increasingly crucial. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">An analysis of <a href=\"http:\/\/ambcrypto.com\/bnbs-recovery-stalls-at-this-level-what-now\/\" target=\"_blank\" rel=\"noopener\">Binance Coin<\/a> (BNB) revealed a less-than-encouraging trajectory over the past few months. As of this writing, BNB was trading around $234, reflecting a nearly 1% decrease. This loss represented the token&#8217;s second consecutive daily decline.\u00a0<\/span><\/p>\n<figure id=\"attachment_336045\" aria-describedby=\"caption-attachment-336045\" style=\"width: 1793px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BNBUSD_2023-08-16_08-42-20.png\"><img decoding=\"async\" class=\"wp-image-336045 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BNBUSD_2023-08-16_08-42-20.png\" alt=\"Binance Coin\/USD price trend\" width=\"1793\" height=\"707\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BNBUSD_2023-08-16_08-42-20.png 1793w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BNBUSD_2023-08-16_08-42-20-300x118.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BNBUSD_2023-08-16_08-42-20-1024x404.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BNBUSD_2023-08-16_08-42-20-768x303.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BNBUSD_2023-08-16_08-42-20-1536x606.png 1536w\" sizes=\"(max-width: 1793px) 100vw, 1793px\" \/><\/a><figcaption id=\"caption-attachment-336045\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Additionally, the short Moving Average (yellow line) transitioned into a resistance point, approximately at the $240 price range. Failure to promptly convert this yellow line into a support level could lead to further downward movement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, the Relative Strength Index (RSI) underscored the token&#8217;s feeble trend. As of this writing, the RSI line dipped below 40, indicating a potential further decline. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the ongoing downturn of BNB might not be directly attributed to the Binance Connect shutdown, it could potentially impact the token&#8217;s attractiveness and appeal to conventional financial investors.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the <a href=\"http:\/\/ambcrypto.com\/calculator\/binancecoin-profit-calculator\" target=\"_blank\" rel=\"noopener\">Binance Profit Calculator<\/a><\/p>\n<hr \/>\n<h4><b>BNB shorts increase<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">According to data from <a href=\"https:\/\/www.coinglass.com\/currencies\/BNB\" target=\"_blank\" rel=\"noopener\">Coinglass<\/a>, trader sentiment toward Binance Coin&#8217;s price trajectory appeared pessimistic. As of this writing, the <a href=\"http:\/\/ambcrypto.com\/chatgpt-bnb-price-prediction-21\/\" target=\"_blank\" rel=\"noopener\">BNB<\/a> funding rate displayed a negative value, and this negativity in funding was rising. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The funding rate&#8217;s condition suggested heightened anticipation of a price downtrend. Given the increased number of traders engaging in short positions on BNB, a considerable amount of time might be required for the price to break free from its ongoing decline and initiate a recovery toward its previous price levels.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Binance Connect&#8217;s shutdown looms, questions arise about BNB&#8217;s allure. With a cryptic dance of charts and sentiment, BNB navigates uncertain water.<\/p>\n","protected":false},"author":76,"featured_media":336050,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-336043","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Binance to shut down this service as BNB short positions increase - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Binance Connect is shitting down, ending the platform that was supposed to connect the traditional finance space with cryptocurrencies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/binance-to-shut-down-this-service-as-bnb-short-positions-increase\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance to shut down this service as BNB short positions increase - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"As Binance Connect&#039;s shutdown looms, questions arise about BNB&#039;s allure. With a cryptic dance of charts and sentiment, BNB navigates uncertain water.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/binance-to-shut-down-this-service-as-bnb-short-positions-increase\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-16T14:30:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/ambcrypto_A_closed_door_with_the_Binance_logo_symbolizing_the_s_7ccbdde8-8125-450d-a7a0-e9c4156b1384_1200x900.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Adewale Olarinde\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/WaleRexx\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adewale Olarinde\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"ReportageNewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/binance-to-shut-down-this-service-as-bnb-short-positions-increase\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/binance-to-shut-down-this-service-as-bnb-short-positions-increase\\\/\"},\"author\":{\"name\":\"Adewale Olarinde\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/a3ac3193a21ee61fa9d68ccd6bfa3885\"},\"headline\":\"Binance to shut down this service as BNB short positions increase\",\"datePublished\":\"2023-08-16T14:30:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/binance-to-shut-down-this-service-as-bnb-short-positions-increase\\\/\"},\"wordCount\":461,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/binance-to-shut-down-this-service-as-bnb-short-positions-increase\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/ambcrypto_A_closed_door_with_the_Binance_logo_symbolizing_the_s_7ccbdde8-8125-450d-a7a0-e9c4156b1384_1200x900.png\",\"articleSection\":[\"Altcoin\",\"News\",\"News 1\",\"Social\",\"Trading View\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/ambcrypto.com\\\/binance-to-shut-down-this-service-as-bnb-short-positions-increase\\\/#respond\"]}],\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/binance-to-shut-down-this-service-as-bnb-short-positions-increase\\\/\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/binance-to-shut-down-this-service-as-bnb-short-positions-increase\\\/\",\"name\":\"Binance to shut down this service as BNB short positions increase - 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